Currency Exchange CTR

Posted By: banker1976

Currency Exchange CTR - 09/15/15 04:06 PM

Customer has had $20,000 in twenties stored in their safe deposit box for several years. They came in to exchange the $20,000 in twenties for $20,000 in fifties, and the currency went back into the safe deposit box.

To our knowledge, we have not had this type of currency exchange before where the money is exchanged in this manner and remains in the box. We assume this would still require a currency exchange CTR to be completed? Any thoughts from other bankers who may have experienced a similar situation?
Posted By: Always In Training

Re: Currency Exchange CTR - 09/15/15 04:23 PM

Well, yes. Yes, we've done a filing for something similar. This is a currency exchange -- but you shouldn't know the contents of a SDB. I know, it can be pretty easy to tell that the customer came in to the lobby, with nothing, then hit the tellerline with cash, then went back into the SDB area and then left the bank with nothing.
Posted By: kw004h

Re: Currency Exchange CTR - 09/15/15 06:26 PM

Yes - file your CTR for the currency exchange. The CTR should reflect your $20,000 cash in box 25e , and your $20,000 cash out in 27e.
Posted By: John Burnett

Re: Currency Exchange CTR - 09/16/15 08:20 PM

And no account number will be included.